Corestate Capital (CCAP) Q1 2026 earnings summary

Executive summary

• Continued execution of deleveraging strategy and operational stabilization, focusing on non-core asset disposals and development of Hannover Leasing as the core platform.

• Revenues and gains declined to €5.1m in Q1 2026 from €8.7m in Q1 2025; EBITDA at €-4.7m versus €-2.2m year-over-year.

• Net profit was €-9.5m (Q1 2025: €-8.8m); adjusted net profit at €-8.7m (Q1 2025: €-7.9m); EPS unchanged at €-0.1.

• Assets under management fell to €7.5bn from €8.5bn at year-end 2025.

Financial highlights

• Equity ratio dropped to -2.5% from 0.5% at year-end 2025.

• Cash and cash equivalents decreased to €13.2m from €18.4m sequentially.

• Net debt increased to €165.9m from €160.1m at year-end 2025.

• Asset disposals in 2023 and 2024 totaled €68.2m; 2026 asset sales include €11.1m from Giessen.

Outlook and guidance

• Deleveraging strategy to continue through 2026, with all net proceeds from asset disposals allocated to note repayments.

• Extension of Senior Notes maturities supports orderly asset disposal program.

• Hannover Leasing remains the operational core and focus for future development.